Ukraine's Zelensky slams $60 oil cap

Ukraine's Zelensky slams $60 oil cap

President Volodymyr Zelensky of Ukraine criticized the plan negotiated by the Group of 7 nations to impose a top price of $60 a barrel on Russian crude oil, arguing that the cap was not low enough to curb the Kremlin's war effort and suggesting that the plan's architects were trying to avoid big decisions. In his nightly address, Zelensky said late Saturday that he was just one day after European Union diplomats reached an agreement after prolonged negotiations.

One group of European maritime nations had demanded the price cap be placed at or above $70 a barrel to ensure that their business interests wouldn't be disrupted, while another group of pro-Ukraine countries had demanded the cap be set at or around $30 a barrel to slash Russia's oil revenue. The price of Russian oil, like China and India, was eventually decided by the negotiators on a price that is in the vicinity of what major buyers of Russia pay, like China and India.

The deal was heralded by its supporters as one that would make a small dent in the Kremlin's energy revenue and avert a global oil shock. But Mr. Zelensky found it lacking.